Italy to cut automotive industry support by around $5 billion

Rome: Prime Minister Giorgia Meloni plans to cut by some 4.6 billion euros ($5 billion) the funds set aside to support Italy’s automotive industry between 2025 and 2030, the text of next year’s budget showed, triggering widespread criticism.

The move comes amid a global slowdown in sales of electric vehicles (EVs), partly due to diverging policies on green incentives, which has forced automakers worldwide including Fiat-maker Stellantis (STLAM.MI)